During the tax year, Mr.Adam sold stock for a total of $22,000. He originally purchasedthe stock 23 months prior for a total of $25,000. Assuming this is Mr. Adam's only Capital Loss for the year (his only stock sale), what is the amount of Mr. Adam's deductible loss for the tax year?

During the tax year, Ms. Chen sold a piece of land she had originally purchased for $40,000. The buyer paid $50,000 cash for the land and also transferred a tractor having a fair market value of $30,000 to Ms. Chen. The buyer also assumed Ms. Chen's $10,000 loan on the land and Ms. Chen paid the $5,000 in selling expenses. What is Ms. Chen's gain for tax purposes on this land?

Mr. Cole purchased a printing press during the tax year and placed it in operation. His cost included the following: Cost of press $88,000; Sales Tax $4,000; Freight charges to deliver the press to him $1,500; Excise tax $2,000. What is Mr. Cole's basis in the machine?

Ms. Paul purchased real property during the tax year and incurred the following costs associated with the purchase: Cash paid to the seller $48,000; Assumed liability for an existing mortgage on the property $12,000; Closing costs and settlement fees $2,000; Real estate taxes paid by Ms. Paul that were past due and owed by the seller $1,200. What is Ms. Paul's basis in the property?